China, India to lead world by 2050: PwC

Asia's rise to global economic pre-eminence could see China and India leading the world by 2050, with Southeast Asia also making gains, according to PwC. However, Japan, South Korea and Australia are seen slipping down the world rankings without major reforms, according to report by thediplomat.com.
The projections came in the consultancy's latest "World in 2050" report, which provides growth forecasts for 32 of the world's largest economies, accounting for around 84 percent of global gross domestic product (GDP), based on purchasing power parity (PPP).
The report said South and Southeast Asia is also set for further moves up the global economic ranks, led by Indonesia's forecast rise from ninth in 2014 to fourth-largest by 2050 in PPP terms, at $12 trillion.
The Philippines is seen surging from 28th place last year to 20th by 2050 at $3.5 trillion, narrowly ahead of Thailand which is seen holding its 21st ranking.
Bangladesh is predicted to climb from 31st to 23rd, with Malaysia also rising from 27th to 24th over the same period.
According to the report, Southeast Asia's rise will be helped by a shift in overseas investment away from China due to its increasing labor costs.
"Rising costs will mean that many offshored jobs are likely to exit China over time and move to other cheaper economies such as Vietnam, Bangladesh, Philippines and Indonesia, whilst Chinese exporters will find themselves competing more on the basis of quality rather than price in their key U.S. and E.U. export markets," it said.
Pakistan is also expected to advance, rising from 25th-largest in 2014 to 15th by 2050 with an estimated $4 trillion economy in PPP terms.